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November 2011

Remittance flows to developing countries exceed $350 billion in 2011

Dilip Ratha's picture

Officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8 percent over 2010 (See brief).

For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Growth of remittances in 2011 exceeded our earlier expectations in four regions, especially in Europe and Central Asia (due to higher outward flows from Russia that benefited from high oil prices) and Sub-Saharan Africa (due to strong south-south flows and weaker currencies in some countries that attracted larger remittances). By contrast, growth in remittance flows to Latin America and Caribbean was lower than previously expected, due to continuing weakness in the U.S. economy and Spain. Flows to Middle East and Africa were also impacted by the “Arab Spring”.

Consultation on Knowledge Partnership on Migration and Global Development

Dilip Ratha's picture

We are planning to initiate a Knowledge Partnership on Migration and Global Development. Please send your comments and suggestions on the consultation draft to migrationteam@worldbank.org.

The Knowledge Partnership on Migration and Global Development will be a global public good. It will seek to highlight the benefits and challenges of migration for sending and receiving communities as well as for migrants. The Knowledge Partnership will:

(i) provide an open, multidisciplinary platform to debate, discuss and exchange knowledge on migration issues;

(ii) generate a menu of policy choices based on evidence and peer-review, and

(iii) will assist sending and receiving countries in implementing a few pilot policy operations and capacity building efforts to evaluate and mainstream a few policy choices.

Infrastructure Projects to fuel GCC Migrant Remittances

Y. Sudhir Kumar Shetty's picture

The Gulf Cooperation Council (GCC) states comprising of Saudi Arabia, United Arab Emirates, Bahrain, Qatar, Kuwait & Oman, have gained a unique status from the perspective of migration and the international mobility of labor. What makes the Region distinctive is the fact that migrant population forms a majority of inhabitants.

While the finding of oil resulted in substantial wealth creation for these countries, Governments understood that oil wealth must be used to build a strong post-oil economy. This led to Gulf countries launching ambitious large-scale modern infrastructure projects. A major requirement for implementing this plan was the availability of work force. This was addressed by importing both skilled and unskilled workers from the developing countries, particularly Asia.

African diaspora is sitting on $50 billion in savings

Dilip Ratha's picture

Bill Gates wrote yesterday in Washington Post (see article): 

"In my report to the G-20, I’ll make half a dozen recommendations for mobilizing tens of billions of dollars annually from private sources. The African diaspora is sitting on $50 billion in savings that could fund development in their home countries if it were captured through diaspora bonds.